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ARTICLE · 10 DECEMBER 2008

Retirement Village Operators Stung By Victorian Lease Duty Changes

Norton Rose Fulbright Australia
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On 2 December 2008, the Duties Amendment Bill 2008 was introduced into the Victorian Parliament. The Bill gives effect to the Victorian Government's recent media release announcing that it had moved to close a loophole which allowed the use of complex long-term lease arrangements to escape stamp duty liability.

AustraliaReal Estate and Construction
Andrew Spalding
Andrew Spalding
Anna Wilson
Anna Wilson
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On 2 December 2008, the Duties Amendment Bill 2008 (Bill) was introduced into the Victorian Parliament. The Bill gives effect to the Victorian Government's recent media release announcing that it had moved to close a loophole which allowed the use of complex long-term lease arrangements to escape stamp duty liability. The changes are, however, not limited to long-term leases and may have significant implications for all tenants in Victoria. The changes may also affect products offered by retirement village developers.

What types of long-term leases are affected?

The definition of "lease" in the Bill is not restricted to "long-term leases": lease is defined as "a lease of land in Victoria or an agreement for a lease of land in Victoria". No minimum lease term is required. "Lease" takes its common law meaning and may therefore include an arrangement that is called a licence but is in substance a lease.

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